A Solid Performer In 2021
I bought a bag of ADA in 2020 but sold it way too early. It was one of the positions that I was utilizing as a medium-term trade. In other words, I needed to generate capital with the allocation. Unfortunately, ADA only really began to perform in 2021. I think that Cardano was severely overpriced at just north of $3 and so was not particularly enticed when it began to rally hard. However, the current bear market has brought Cardano into a zone that is now quite an attractive opportunity. Currently, ADA is trading at $0.55 at the time of writing. I am slowly building up a new “HODL” position. I also have a few orders set quite a bit lower. Cardano surged past $3 basically on a “promise”, a hope of what is to come.
As the market begins preparing for the next bull run, Cardano finds itself in a much more promising position. If ADA could take out $3 in 2021, one has to wonder what a more complete project will achieve in the upcoming bull market. The delay of the Vasil hard fork is not necessarily a bad thing. If we get another drop to the downside the Vasil event could act as a catalyst for a strong bounce. This could cause Cardano to outperform many other alts and secure a mini rally, even if it is a bear market rally. As September approaches, we have to be cautious due to it being a statistically terrible month for the markets. When you look at where the S&P is currently sitting it does suggest that a correction could definitely be around the corner.
Some Hate Price Predictions
While many choose not to put predictions out there, I like to have a measurable target or idea of where my investments are likely to reach in the future. Looking at the previous low of ADA, as well as the previous cycle top, it becomes rather apparent that Cardano performed extremely well. The project executed well over 100X from bear market low to cycle top. Having a brief look at the charts together with the fundamentals, I wouldn’t be surprised to see Cardano breach $20 during the next peak. This is likely to be in 2025, so don’t get carried away just yet.
Given the development that is likely to take place between now and then, it is not really that ambitious. We are likely to see Cardano outperform my prediction but I prefer to undershoot in terms of price predictions, as opposed to overshooting and being disappointed.
Future plans are also very much reliant on future prices. If I incorporate a certain level into my structuring and it overshoots I am better off. However, if I undershoot, my plan is no longer effective and will most likely need adjustment. Either way, Cardano appears to be poised for a great 2025! Once all the attention is off ETH, the market will be on the hunt for “fresh meat”. Cardano is likely to be very well positioned to fit the role. Thanks for visiting, enjoy the weekend, and see you in the next one!